In the midst of the global financial crisis, Americans cited credit and debit card fraud as their number one fear, surpassing that of terrorism, computer and health viruses and personal safety.[1] For many Americans, this fear is not unwarranted. Each year, credit card fraud costs cardholders and issuers alike hundreds of millions, if not billions,…
Posts Categorized: Credit and Debt
The recently signed Credit Card Accountability Responsibility Disclosure Act of 2009, also called the Credit Cardholder’ Bill of Rights, makes many changes to the way credit cards are regulated.
We’ve recommended that students get credit early and use it wisely to establish a healthy credit record.
Unfortunately, that’s easier said than done. There’s a reason laws like the Credit CARD Act of 2009 get passed: students averaged over $3500 in credit card debt, with 85% of cardholders carrying a balance from month to month and paying hefty fees and interest.
Many collection agencies cast a wide net when trying to collect on old debts. You may get a letter that was intended for someone else, perhaps someone with a similar name. It’s important to deal with this issue promptly.
When it comes to your credit report, you have the right to add a personal statement. This statement can be up to 100 words long and gives you the opportunity to explain information in your file.
Two important sections of your credit report are the “Public Records” and “Inquiries” sections. Knowing what personal and public information that is on your report is an important factor to taking control of your finances. It is also important to know what companies have requested a copy of your report.
The third step in this series is to review all of the information contained within the public record section of your annual credit report. Public information and inquiries are usually the last sections to appear in your credit report, though each credit report company does things a bit differently.
Personal information may be the first thing to appear in your credit report, though each credit report company does things a bit differently.
While this personal information has no direct impact on your credit score, it’s very important that everything reported here be accurate and up to date. The credit bureaus use this information to verify your identity, and if anything here is incorrect or outdated, your security may be compromised.
Let’s begin with the Account History section which may not be the first thing you’ll see when you open your credit report, but it is the most important. It’s usually the largest section of the report, as well. When calculating your credit score, FICO gives more weight to your payment history than any other category.
In honor of Financial Literacy Month, we’re urging consumers to make a pledge to save. We’ve learned that taking positive action to achieve your goals is much more effective than passively hoping for success.
Typically, people think of identity theft as a theft one’s credit information. Someone gets a hold of your credit card, pretends to be you long enough to use the card, and your identity has officially been stolen.
Sometimes having no credit and having bad credit are the same thing in the eyes of creditors. Your answer should be the same in either situation; establish a new credit account and use it very carefully, paying your monthly payments in full and on time.
If you have no luck getting a credit card from a retailer, department store, or gas company, talk to your bank (wherever you keep your savings or checking) and ask for a secured card.
In today’s tutorial we will demonstrate how to obtain your free annual credit report from AnnualCreditReport.com, the official site that allows consumers to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.
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